The official business definition of cost-efficiency is the ability to achieve desired outcomes with the least amount of resources, time, and effort. It is an important concept in business because it helps to ensure that companies are able to maximize their profits while minimizing their costs. Cost-efficiency is achieved by reducing waste, increasing productivity, and making the most of available resources. Companies can achieve cost-efficiency by implementing strategies such as streamlining processes, utilizing technology, and focusing on customer service. Additionally, cost-efficiency can be achieved by improving communication between departments, implementing quality control measures, and ensuring that employees are adequately trained. Cost-efficiency is a critical component of any successful business and can help to ensure that a company remains competitive in the marketplace.